N@N

Sernova Corp.: Sernova Corp.: Resignation of Justin Leushner as President Board of Directors Initiates Internal Review

^{Published on 2009-01-21 15:03:06, Last Modified on 2009-11-02 11:26:12 - Market Wire}
 

LONDON, ONTARIO--(Marketwire - Jan. 21, 2009) - Sernova Corp. (TSX VENTURE:SVA) -

Sernova Corp. announces that Justin Leushner, President of the Corporation since 2006, has resigned for personal reasons, effective January 31, 2009. Dr. George Adams, Chairman of the Board of Directors, said "On behalf of the shareholders and the Board of Directors, I would like to thank Justin for his leadership and hard work over the years, and wish him the best of luck in his future endeavours."

Prior to beginning a search for a new President, the Board of Directors has formed a subcommittee of the Board to conduct an internal review of the Corporation's research and development, financing and partnering activities and strategies. This subcommittee will be chaired by Mr. Jeffrey Bacha, an independent Director of the Corporation, who is presently Executive Vice President, Corporate Affairs and Chief Operating Officer of Clera Inc. of Vancouver, British Columbia. It is anticipated that this review will be completed in advance of the Corporation's Annual General Meeting which will be held in the spring of 2009.

About Sernova

Sernova Corp. is a Canadian-based, health-sciences company focused on commercializing medical technologies. Sernova is currently developing a platform technology for a number of serious disease indications, starting with a novel treatment for insulin-dependent diabetes, using its patented Sertolin cell technology. According to the American Diabetes Association approximately 9 million Americans require insulin injections and it is the sixth leading cause of death in the United States. One out of every 8 dollars spent on health care in the United States is spent on treating diabetes and its complications. Worldwide expenditures on insulin alone are estimated to be $15 billion annually and growing.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.